XML 100 R66.htm IDEA: XBRL DOCUMENT v2.4.0.6
Long-Term Debt - Additional Information (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended 2 Months Ended 1 Months Ended 12 Months Ended 5 Months Ended 12 Months Ended 5 Months Ended 5 Months Ended 0 Months Ended 5 Months Ended 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Apr. 04, 2012
$370,000 Credit Facility (i)
Feb. 15, 2012
$370,000 Credit Facility (i)
Dec. 31, 2012
$370,000 Credit Facility (i)
May 23, 2012
$350,000 Credit Facility (ii)
Dec. 31, 2012
$350,000 Credit Facility (ii)
May 23, 2012
$25,000 Credit Facility (iii)
Dec. 31, 2012
$25,000 Credit Facility (iii)
May 23, 2012
All three Credit Facilities
May 23, 2012
$370,000 Term Loan
Jun. 06, 2012
Repayment of Debt
May 23, 2012
Repayment of Debt - Cash used from Cash and Cash Equivalents
Dec. 31, 2012
Long-Term Debt
Dec. 31, 2011
Long-Term Debt
Dec. 31, 2010
Long-Term Debt
Debt Instrument [Line Items]                                  
Repayment of credit facility $ 175,215 $ 134,580 $ 0 $ 10,500 $ 10,000     $ 5,149     $ 149,566     $ 13,147      
Refinancing of Crude's outstanding debt using $350,000 credit facility   134,580                              
Line of credit facility, maximum borrowing capacity           370,000   350,000   25,000              
Line of credit facility amount drawn down   25,000                              
Repayment of debt - Net proceeds from issuance of preferred units 136,419   103,602                   136,419        
Debt's original amount           370,000                      
Cancellation of undrawn tranche             52,500                    
Number of installments             9   9     6          
Quarterly periodic repayments             7,855   1,000     12,975          
Weighted average interest rate                             3.11% 5.28%  
Credit facility amount not drawn down               55,420                  
Interest expense on long term debt $ 26,658 $ 33,820 $ 33,259                       $ 25,788 $ 32,216 $ 31,634
Debt Instrument Covenant Description The Partnership's credit facilities contain customary ship finance covenants, including restrictions as to: changes in management and ownership of the mortgaged vessels, the incurrence of additional indebtedness, the mortgaging of vessels, the ratio of EBITDA to Net Interest Expenses shall be no less than 2:1, minimum cash requirement of $500 per vessel of which 50% may be constituted by undrawn commitments under the revolving facility, as well as the ratio of net Total Indebtedness to the aggregate Market Value of the total fleet shall not exceed 0.725:1. The credit facilities also contain the collateral maintenance requirement in which the aggregate average fair market value, of the collateral vessels shall be no less than 125% of the aggregate outstanding amount under these facilities. Also the vessel-owning companies may pay dividends or make distributions when no event of default has occurred and the payment of such dividend or distribution has not resulted in a breach of any of the financial covenants. As of December 31, 2012 and 2011 the Partnership was in compliance with all financial debt covenants. The credit facilities have a general assignment of the earnings, insurances and requisition compensation of the respective vessel or vessels. Each also requires additional security, including: pledge and charge on current account; corporate guarantee from each of the twenty-five vessel-owning companies, and mortgage interest insurance. The Partnership's credit facilities contain a ''Market Disruption Clause'' where the lenders, at their discretion, may impose additional interest margin if their borrowing rate exceeds effective interest rate (LIBOR) stated in the loan agreement with the Partnership. For the years ended December 31, 2012, 2011 and 2010 the Partnership incurred an additional interest expense in the amount of $373, $1,290 and $1,468 respectively due to the ''Market Disruption Clause''.